By Chris Reiter
(Bloomberg) -- Coping with the duty and jealousy from inheriting wealth is a misunderstood burden, based on Susanne Klatten and Stefan Quandt, the billionaire siblings who collectively personal nearly half of BMW AG.
“Many imagine that we're completely sitting round on a yacht within the Mediterranean,” Klatten instructed Supervisor Magazin in a uncommon interview along with her youthful brother revealed Thursday. “The position as a guardian of wealth additionally has private sides that aren’t so good.”
Klatten -- whose father Herbert Quandt helped rescue BMW within the late 1950s -- is Germany’s second-richest particular person with a fortune valued at $18.6 billion, based on the Bloomberg Billionaires Index. She has additionally constructed up holdings in chemical substances firm Altana AG and carbon producer SGL Carbon SE.
Quandt, who owns stakes in logistics firm Logwin and homeopathic medication firm Heel, has a web value of $15.5 billion. Each he and his sister have seats on BMW’s supervisory board.
“For each of us, it’s definitely not the cash that drives us,” mentioned Quandt. “Above all, it's the duty of securing jobs in Germany.”
The 2 heirs say they’re comfy with their roles, however initially struggled with taking up high-level positions at younger ages. Quandt, who was 30 when he was given his first board seat, mentioned he might need wished to work a couple of years as a “easy” product supervisor someplace or research structure.
“My place to begin was by no means: So, now I come and present everybody the way it’s executed,” mentioned Quandt, who questions the rationale of inheritance tax. “As a substitute, it was a relentless questioning, related to self-doubt.”
Klatten, who gained notoriety in 1978 when police foiled a plot to kidnap her and her mom Johanna, mentioned that wealth redistribution doesn’t work and honest society permits individuals to pursue alternatives based on their skills.
“Our potential stems from the position of being an inheritor and creating that,” she mentioned. “We work laborious on that each day.”
To contact the reporter on this story:
Chris Reiter in Berlin at [email protected]
To contact the editors chargeable for this story:
Chad Thomas at [email protected]
Iain Rogers, Tara Patel
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